Legally, a business will need to hold a wide variety of insurances. However, none of them will provide cover if a key employee is unable to continue their function.
Key Person Insurance (also known as ‘Key Person Protection’) covers against the loss of key individuals in a business which would result in financial loss, either in terms of lost income, loss of confidence in the business, or someone who is simply pivotal to the ongoing success of the business. When a business loses a key employee, this can negatively impact the business’ long-term revenue, and potentially, contribute to a company’s failure.
Use our calculator below to gain an indicative quote and see how Aston Lark can help protect your business (this should not take the place of receiving advice on which policy is most suitable for you and ensuring that you fully consider how much cover you need).
Key Person Insurance is designed to pay out a cash sum if the person insured:
- Meets insurer’s terminal illness criteria
- Suffers a specified illness such as a stroke, cancer, or a heart attack (if you’ve chosen additional critical illness cover)
Key Person cover involves a company taking out a policy on the life of each Key Person. The business owns the contract and pays all the premiums, and all benefits arising from a claim are paid to the business.
Aston Lark can guide you through the process of deciding on the appropriate amount and length of your cover. As a whole of market broker, we can source on premium and cover to get your key people covered, and your business protected.